Nearly 44,500 businesses in NI benefitted from over £2bn of funding under two biggest Coronavirus loan schemes, as final lending figures revealed by the British Business Bank

New data published recently by the British Business Bank shows that businesses across Northern Ireland received over £2billion in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS).

Thursday, 8th July 2021, 3:08 pm
Updated Thursday, 8th July 2021, 3:17 pm

The schemes provided financial support to businesses across the UK impacted by the Covid-19 outbreak, closing for applicants at the end of March 2021.

Over 42,000 loans worth nearly £1.3bn have been provided across Northern Ireland under the Bounce Bank Loan Scheme, which provided a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000.

Over 2,400 loans worth nearly £0.8bn have been provided across Northern Ireland under the Coronavirus Business Interruption Loan Scheme, which provided Business loans, overdrafts, invoice finance asset finance of up to £5m to businesses with a turnover less than £45m.

Sign up to our daily newsletter

The i newsletter cut through the noise

Total funding from the schemes provided to nearly 44,500 businesses represents 3% of the UK total, broadly in line with the relative size of Northern Ireland’s business population (2%).

Mark Sterritt, UK Network Director, Northern Ireland at British Business Bank, said: “The Covid-19 loan schemes have been an important part of the government’s response to the pandemic, providing businesses with much-needed breathing space and reducing cash- flow concerns for many. We’re pleased to see evidence that they have helped smaller businesses right across Northern Ireland and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”

Although tyre retailers Kerr’s Tyres, with centres in Antrim, Belfast and Coleraine, continued to service hauliers and delivery companies throughout the disruption caused by Covid-19, it lacked the working capital to sustain itself for any real length of time.

Under such financial pressure, it applied for a CBILS loan for support.

Norman Kerr, managing director of Kerr’s Tyres, continued: “Before coronavirus, we’d put all our cash reserves towards building a new HQ.

“Once the outbreak hit, not getting that financial support from CBILS means our cashflow would’ve dried up and there’s a possibility we’d have had to close.”

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper whenever you are able to do so.

Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.

With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper when you can safely.

You can also enjoy unlimited access to the best news from across Northern Ireland and the UK by subscribing to newsletter.co.uk

With a digital subscription, you can read more than five articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.

Thank you